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Acknowledging the importance of BAI accounts
1Connance, Inc., Waltham, Massaschusetts, USA. slevin@connance.com
Summary
Hospitals are seeing more revenue from patients directly, known as balance after insurance (BAI). Excellent customer service for these self-pay patients can increase revenue and foster loyalty.
Area of Science:
- Healthcare Management
- Hospital Revenue Cycle Management
Background:
- Balance after insurance (BAI) represents a growing portion of hospital revenue.
- This increase is driven by a shift towards high-deductible health plans.
- BAI revenue converts to cash relatively quickly, impacting hospital cash flow.
Purpose of the Study:
- To highlight the significance of balance after insurance (BAI) in hospital finances.
- To emphasize the importance of patient customer service for self-pay accounts.
Main Methods:
- Analysis of hospital revenue streams.
- Review of financial trends related to patient responsibility.
- Assessment of customer service impact on revenue yield and loyalty.
Main Results:
- Balance after insurance (BAI) is an increasing share of hospital revenue.
- Patient responsibility is a growing component of hospital cash flow.
- Excellent customer service for self-pay patients improves revenue yield and customer loyalty.
Conclusions:
- Hospitals must prioritize excellent customer service for self-pay patients.
- Effective patient service can enhance financial performance and patient retention.
- Focusing on the patient experience is crucial for managing growing BAI revenue.
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